Best Bookkeeping Services in Cochrane, AB

A professional bookkeeping plays a crucial role in ensuring the accuracy and compliance of financial records. The accountants analyze financial records to prepare tax returns, create budget reports, and conduct audits for their clients. These accountants ensure that financial records comply with federal, state/provincial, and local laws and regulations.

Tax preparation is typically an annual one-time process where your accountant will prepare your tax return for filing by the tax deadline. Tax preparation aims to ensure you file your taxes accurately and on time. Tax planning a an ongoing process done throughout the year that is focused on creating strategies to minimize your tax liability and maximize your financial well-bing. Both individuals and business owners can take advantage of tax planning services, which are typically performed by a professional accounting firm with in-depth experience and knowledge of tax law, rather than a tax preparer.

Canadian corporations have up to six months to file their tax returns. However, the corporate tax payment deadline is typically two months after the fiscal year end. Under specific conditions, some corporations may qualify for an extended three-month payment deadline. The filing and amouns owing for business annually GST/HST returns are due 3 months after the fiscal year end.